CBN backs BoA’s agenda

The Central Bank of Nigeria (CBN) will continue to support the efforts of the Bank of Agriculture (BoA) to reposition for better performance.

CBN Deputy Governor, Financial Services Surveillance Dr Kingsley Moghalu said this while receiving a delegation from the Rabobank of Netherlands in Abuja.

according to a statement, the delegation came at the instance of BoA which has just entered a partnership with the Rabobank of Netherlands.

He said the CBN is in support of the restructuring of the bank, adding that it is a step in the right direction.

Moghalu said CBN has a ‘strong role’ for the transformed BOA and commended the management for trying to transform the institution.

He said the apex bank has been making spirited efforts to promote agriculture, adding that BoA has played an important role in this regard.

The Managing Director, BoA, Dr Mohammed Santuraki, said the partnership between the two banks would produce the desired results. He said Rabobank has a similar history with the BoA, and that both institutions are poised for growth.

He said the management of the bank has initiated efforts to create a viable sustainable institution that would not rely on its stakeholders for recapitalisation. He said BoA needs to become a broad-based rural bank with a licence to work both sides of its balance sheet.

In a related development, a team of two senior executives of Rabobank, who visited the BoA head office in Kaduna, expressed satisfaction with the arrangement. The officials namely, Messrs Gerard Van Empel, Director/Founder Rabo Development and Frank Nagel, Head, Banking Advisory had interactions with the BoA Management.

Also, the team interacted with some BoA field operation staff and clients to have a feel of the activities of the bank.